Information on the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP

  • News
  • 23 August 2016

On 7 June 2012, the Joint Committee of the European Supervisory Authorities (ESAs) addressed a request to the European Commission for a postponement of the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (mainly related to margins for bilateral transactions).

The rationale behind the request is to enable consistency of the European rules with the on-going global development of international standards by the Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), which are expected to be delivered by end 2012.

The current deadline to deliver the joint draft RTS is 30 September 2012. The Commission shares the views of the ESAs that the present deadline is inconsistent with the achievement of a global approach. A new deadline should be set by the European Commission once the present deadline has expired.


Notes

1. The EBA, ESMA and EIOPA published on 6 March 2012 a Joint Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP. See the discussion paper

2. The Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a Consultative Document on margin requirements for non-centrally-cleared derivatives. The consultation is open until 28 September 2012.

 

 
The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors.

 

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